Crude oil in short supply
Updated
The supply side of the global oil market continues to reduce production, and oil prices will continue to rise in the short term. Russia's fuel export ban announced last week has raised supply concerns and demand woes from future interest rate hikes. In the current context of the crude oil market, what needs attention is that once the Federal Reserve misjudges the U.S. economy, superimposes a rebound in inflation, and excessively raises interest rates, it may suppress crude oil prices.
(The strength of the US dollar index has suppressed the prices of gold and crude oil)
The overall trend of crude oil was very weak yesterday. After a slow rise during the day, it did not continue, but the US market fell sharply.
The RSI technical indicator is bullish. Trading in the 89.5-91.5 range.
Trade active
sell@90.5
Trade active
Note
Keep your sell orders. You will see the benefits tomorrow.
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